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Books of accounts and records to be maintained for Service Tax

March 2, 2015

Under every tax law, there is necessity to maintain proper books, records and accounts that will facilitate the assessment and collection of duty as stipulated under the law. Every person providing taxable service shall issue an invoice, a bill, or as the case may be a challan, signed by such person.

The Bill/ Invoice/ Challan should be issued within 14 days from the date of completion of such taxable service or receipt of any payment towards the value of such taxable service

Records normally maintained under other laws acceptable:

An assessee registered as a company under the Companies Act, is required to maintain proper books of accounts and records as specified in Companies Act.

An assessee, who is required to pay income tax, is also required to maintain certain books, and records under the Income-tax Act. (Cash book, Journal, Ledger, Bills, etc.)

According to Sales Tax Law, Labor Law, certain books, records, registers, accounts and returns have to be maintained.